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. that fiscal cliff and its potential impact on our economy brought lawmakers from both uses to washington for last-minute negotiations. concerns about the cliff spooked investors, the holiday shortened trading week was lighter in volume but higher in volatility. the worst decline of the month on thursday after a disappointing read on consumer confident and some public statements by congressional leaders. and yet with one final trading day to go, all the major averages were still showing positive performance for the year of 2012. meantime, the u.s. is set to reach the debt limit on monday. that according to treasury secretary tim geithner in a letter to congress, though, he did say he expects to take what he called extraordinary measures to extend the government's borrowing ability for another two months or so. and even your cup coffee, once a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of partisanship to their drink orders and r remind customers i our nation's capital to come together. >> wall street is typically
in the united states to strike a deal to prevent the economy from going over the so- called fiscal cliff. that is when a package of automatic spending cuts and tax rises comes into fact which could set the country back into recession. that less than 20 hours into the generate the first deadline. >> as night descended on washington, no deal precentors went home with a low over 24 hours to go before the huge austerity package known as the fiscal cliff, something almost nobody wants is due to descend on the american economy. >> we will come in at 11:00 tomorrow morning and that further announcements. >> if there's no doubt, the price of failure could be high. the average american, might see their taxes rise by as much as $2,000 a year. as spending cuts take money from the economy, a second american recession becomes a possibility. confidence in america will be shaken. the financial markets may take fright. president obama believes it is time for the wealthiest americans to pay more in taxes. he has made that part of his negotiating position. he criticized republicans for resisting these tax
. >> find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now. >> does that mean extending the tax cuts? >> the real issue is not whether they should be extended for another few months. the real issue is whether the price the republican house will put on that extension is the permanent extension of the tax cuts. >> grur going to extend the tax cuts you're going to have 3.8 trillion added in ten years to the $16 trillion we already owe. i mean, have a drink. >> we can't keep giving the middle class tax cuts like the president says he wants to do and romney says he wants to do when we got -- when we have a trillion dollar deficit. >> just a few days before the election day and you're analysis of the polls have given the president better than 80% chance of winning re-election? >> the fact that the president leads in the polls in ohio and iowa states where you would need -- he would need to win 207 electoral votes means he's the favorite in the electoral college. >> this is the era of flation. bernanke is writing checks, mar maria. >> writing checks
anne miletti. >> susie: the fiscal cliff isn't the only deadline threatening the u.s. economy. dockworkers at some of the nation's biggest ports could walk off the job this weekend, if a new labor deal isn't reached. as allison worrell reports, a strike could ripple far beyond the ports. >> reporter: if a deal isn't reached by 12:01 a.m. sunday, union dock-workers will take to the picket-line. 15 ports span the east and gulf coasts. and while they're in different locations, handling different types of cargo, they all agree, a strike would be very bad for business. >> it's really important for the people in our country to recognize, in this state, that a strike combined with the ongoing negotiations between congress and president obama regarding, um, the so-called fiscal cliff could be a one, two combination knock out for nation's economy. >> if a strike does happen that means a big chunk of the more than 14,000 members of the international longshoresmen association will be off the job. >> reporter: the ports impacted generate an estimated $11 billion in state and local taxes a
between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses in the final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p slipped almost two points. so what happens next? and can lawmakers prevent an economic crisis by agreeing on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution ready for lawmakers when they return. and in the senate, which is back at work, republican leader mitch mcconnell warned he would not write a blank check to the white house, though he said he would keep an open mind
for businesses to invest in the u.s. economy. >>> still ahead on "worldwide exchange," fiscal cliff fiasco. president obama cutting his trip to hawaii short to work a deal that could avoid the fiscal cliff in a few days. we'll break down what's at stake in "your money." >>> if you got fewer presents under the tree, you may be ready. spending numbers are coming in, and they're not pretty. >>> plus, new numbers for apple's ipad mini and more. that's coming up on "worldwide exchange." >>> good morning and welcome to a special edition of "worldwide exchange." i'm jackie deangelis along with seema mody. ross and kelly are off for boxing day. they'll be back tomorrow. >> that's right. >>> let's get a brief check on the markets this morning. energy and metals are trading at this hour on the nymex. you see crude oil up .6%. brent crude also up. and take a look t yellow metal, gold. down just fractionally. now u.s. futures will begin trading in about a half-hour. the cme globex has been closed for christmas and will reopen at 6:00 a.m. eastern time. that also goes for treasuries and the foreign exc
cliff gets resolved quickly without wrecking the economy. i think washington is the only thing standing in the way of a worldwide surge in growth and profits. not just in stocks but also in real estate. if you take washington out of the equation -- my job would be so much fun. blackstone should zoom higher. first off, if the fiscal cliff does get resolved people will pull money out of bonds. they should pull them out of bonds any way because deal if small will be inflationary. they're more likely to invest in aggressive alternatives with higher assets under management. for those of that you don't know, the private equity where you buy companies using borrowed money and you fix them up and flip them a few years later by taking them public. over the past two years, blackstone brought eight private companies in its portfolio public and in the next 12 months, they plan on doing another eight. it goes without saying that if we're in a bull market next year, blackstone will be able to realize much higher price which is it brings companies that it owns are public. this is a vicious cycle down.
. but if we would see a fall from the fiscal cliff, it's not in our own estimates that those in the congressional budget office would be enough to impart a recession in the first half of 2013. i think still there's a 51% chance, if you ask me, that we avert the cliff but those are uncomfortablably low chances of success. >> we have seen some progress in the economy, in the housing sector, in the auto sector, in the job market. if we do go over the cliff, what happens to the progress that has been made in those sectors? and consumer spending spending d confidence as well? >> well, what i would most likely anticipate that would face the brunt of the cliff would be the investment, that has always been a volatile and up and down section and we would see that in business and companies forestalling investment, cutting potentially jobs in some sectors and that we have what has been a modest, virtuous cycle turn into a modest vicious one in the first half of 2013 and consumer spending would fall as well and we would see disappointing consumer confidence numbers even today. >> i don't
before the u.s. economy goes over the fiscal cliff, law marriages are pointing fingers and playing the blame game. >> mario monti is saying he's available to lead italy, but only for a party willing to push his economic agenda. >> but he has competition in the form of sylvia berlusconi, italy's former prime minister tells cnbc he feels a responsibility to run. >> translator: i feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales. but u.s. shoppers, they may be running lower on holiday spirit and analysts are saying that they're spending less, as well. >>> if you're just tuning in, thank you so much for joining us on the show here. a bit of a pre-christmas special for you. these are how the markets are looking at the u.s. open. still looking very negative. we had a high volume session on friday where the markets pulled back about 1% across the board. the markets are still in positive tear over to. but nonetheless, the negative sentiment around the
-called fiscal cliff, our economy is coming back, but it's still very tenuous. this is the last thing that we want to see happen, and both sides need to get together and work this out. >> mayor parker, have you taken a stand on where you think the negotiations should go at this point? whether it be on the union side or the maritime side? >> i'm a big believer of doing negotiating at the bargaining contain table. i have to do a lot of negotiations with my unions. they just need to get back together and work this out. the crux of the matter is on royalty payments that were put in decades ago to soften the blow of moving to automated containerized ar ccargo. it's certainly time to move forward to a new agreement. you can't just cling to the past forever, but both sides are going to have to give and move this forward. this is bad for the u.s. economy. and it will have ripple effects around the world. >> mayor parker, thank you for your time. >> we're down 83 on the dow. let's get a market flash back at hq. brian? >> simon, some pending home sales came in high. in fact, the highest level in two an
? >> well, it's funny how we talk about the fiscal cliff and we ignore the fact that our economy is no better off than we really were say even two years ago. for the fed to come in with 6 1/2% unemployment rate in their last meeting. it would take four to five years of 200,000 jobs per month. we are going to be nowhere near that. these politicians are using that at some sort of leverage to get what they want. we can't afford to have any trip-ups. david: i agree with you, we should be growing at 3, 4 percent not this anemic rate we're growing at, we won't be able to regain what we have lost for a long time. if we go off with the fiscal cliff, will we immediately go into a recession? >> i will go one step further, yes. i think we absolutely go into recession. that would knock between 2 and 4 percent off our gdp right away. this is the doomsday scenario, but that ten year rate now is 1.75ish. a lot of folks are calling it to 2, 2 1/2, maybe evenn3 because they are looking through rose colored lenses that i don't have. i think we could see that rate under 1% before it gets up to 2 1/
our economy back into the recession if we go over the fiscal cliff. >> but ali, neither side is budging much. you have been reporting on it for the last couple of hours. friday though, president obama said that he was optimistic that the two sides could reach a deal. this morning, he sounded less positive though. >> if, you know, if people start seeing that on january 1st, this problem still has not been solved, that we haven't seen the kind of deficit reduction that we could have had, had the republicans been willing to take the deal they gave them, and if they say that people's taxes have gone up which means consumer spending will go down. >> and keep in mind that the senate is the first hurdle. any deal has to pass the house. we are not into the senate yet and the republican speaker john boehner plablamed the crisis one president saying he the one who has never found a way to say yes. >> so you are in new york and i'm in atlanta, and we get to washington now, because the senior congressional correspondent dana bash is closely following the negotiations from capitol hill, a
.s. economy going over the fiscal cliff. the president will meet with congressional leaders at the whiteout at about 3:00 p.m. eastern. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. spending majority leader says harry reid says prospects for monday are unlikely. senate majority leader believes there is still time for an agreement to be reached. >> republicans aren't about to sign a blank just just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> alistair newton joins us here as a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. 27% cited the gop is responsible. 16% blaming the president, 6% pointing to the democrats while 31% said they would blame all of the above for going over the cliff. alistair newton, you've seen the attitudes of the american people. i guess we're going over the cliff. >>
to reach a deal with poison u.s. consumer spending. the fiscal cliff would trigger tax increases and government spending cuts in january, leaving far less money in the economy. the international monetary fund warrants of knock on effects for the global economy. -- warns of knock on effects for the global economy. the pressure is on in washington to agree on a plan. only then might the applause on wall street be a little more genuine. >> with the clock ticking ever more loudly in washington, let's bring in our correspondent. first off, are the prospects of an agreement as dim as we are hearing, or could there be a last-minute deal? then of course this could happen, but i think it is quite unlikely. there is an increased pessimism that a deal can be achieved in washington, d.c. from my perspective, i think washington moves too slowly. tax rates will go for all americans, and cuts will go into effect by the end of this year, and we will see no more unemployment benefits for about 2 million americans. >> there are some technicalities here. what are the government's contingency plans?
. barring anymore drama for the fiscal cliff what is going to drive stocks higher. >> most global economies willhat quarter by 2 2012 and much of 23 will be a recovery year. also in the u.s. we are looking for 2-point 2% growth and expanding in 2014. and in an in an earnings perspee we saw the trough early this year and going into 2013 see a nine and a half percent increase in u.s. earnings for the s & p 500. >> that is encouraging becausetl up when they all come out for the fourth quarter you are expecting them to be up to 3 and a half percent so nine and a half percent is a big jump. i can see why you a optimistic on stocks. le's go over the sectors that you think could go well. you have selected three areas. consumer discretionary stocks and consumer and healthcare. tell us why. >> to continue with the story . we argeneral wehave a three andt discount. in terms of consumer discretionary and industrial we are in the favorable seasonal period i saul the call them the stocks do better. we are looking at relatively good earnings growth and from a technical persia perspective wee the mopomme
drama for the fiscal cliff what is going to drive stocks higher. >> most global economies willhave recorded their weakest quarter by 20 2012 and much of 2013 will be a recovery year. also in the u.s. we are looking for 2-point 2% growth and expanding in 2014. and in ant in an earnings perspective we saw the trough early this year and going into 2013 see a nine and a half percent increase in u.s. earnings for the s & p 500. >> that is encouraging becausethe earning you tally them all up when they all come out for the fourth quarter you are expecting them to be up to 3 and a half percent so nine and a half percent is a big jump. i can see why you are optimistic on stocks. let's go over the sectors that you think could go well. you have selected three areas. consumer discretionary stocks and consumer and healthcare. tell us why. >> to continue with the story ofthe march coat in market in gent. we aregeneral wehave a three and a half percent discount. in terms of consumer discretionary and industrial we are in the favorable seasonal period i saul them call them the stocks do better. we
troubles for the u.s. economy if a deal to avert the fiscal cliff cannot be reached. jpmorgan's chief u.s. economist will join us live a little later on to explain the biggest risks in his view now that investors face. we're back in two. >>> if lawmakers fail to create a plan to avoid the fiscal cliff by january 1st, federal work study will be cut by over $76 million. and over 51,000 fewer students would receive aid. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. i'd like to be optimistic. but it looks like they're going to blow. >> the real linchpin is whether john boehner can bring his troops along. that's a real tough one
, the u.s. economy is on the verge of taking off. but the fiscal cliff mess could get in the way. how much could eexpect in 2013 with a deal or without a deal. well, i guess i can double check... my watch! [ male announcer ] it pays to double check, with state farm. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. now through january 2nd, no monthly payments until spring for qualified buyers. get the silverado for 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. >>> welcome back to "your money," we welcome our viewers here in the united states and around the world. breaking news on the fiscal cliff. there's been a significant snag in the negotiations with just fewer than two days remaining to go. about 36 hours remaining on the countdown clock. dana bash is on capitol hill with latest. dana, what have you got? >> this kbifs you a good sense of where things stand. they're at a standstill. you
in our economy as well, correct? >> the view here is that if we go over the fiscal cliff the concern is there's going to be a drain on income and thereby it will rayfect the housing recovery. 50 days since the election and in that 50 days the markets haven't been essentially changed. seen some nascent improvement in the housing numbers and employment numbers and a boom in m & a activity, $270 billion in m & a, best quarter since 2008 but going over the fiscal cliff puts us at peril in terms of lower income and higher regulatory burdens and just the uncertainty. >> brian, sometimes the media gets the blame for scare mongering and i'm going to therefore try to play the other side and the devil's advocate. is there a possibility that this fiscal cliff talk is a y2k moment? in other words, it's not going to be nearly as bad as we think? >> oh, i think that's a possibility. i think maybe there's a little bit of cynicism in the market and a lot of people in the sidelines which is one of the reasons why the vix is as low as it is. compare this to the negotiations surrounding the extension o
cliff talks heading into the 11th hour. >> u.s. economy is at stake here. >> you cannot pass a bill with just republicans. on a broad thing like this, you need both. >> but will anyone rise above and get it done? a debate from both sides of the aisle. plus guest host jason trennert on the impact for the markets. >> the final details on retail. the winners and losers as last-minute shoppers make one final rush to get the latest deals. >> i got it. i got it. >> the second hour of "squawk box" starts right now. ♪ chestnuts roasting on an open fire. jack frast nipping at your nose. yuletide carols -- >> good morning. welcome to "squawk box" on cnbc. >> love that sweater. that's unbelievable. we've got to fade in and out between the fire and that sweater. >> that's joe kernen, i'm andrew ross sorkin. becky quick is probably happily off at this point. in studios with his,000s on the market and the fiscal cliff this morning, jason trennert. >> that tie. >> he's got the red tie. >> santa tie. >> take a look at the futures, see how this half day of trading is setting up. looks like the dow
about the economy even if you take the fiscal cliff off the table. the suggestion was actually that coming into this we're actually in a much better position given the housing situation, given some of the new energy things that are going on, that maybe all of this doom and gloom is unfounded. fair? unfair? >> fair. undoubtedly we're in a better position today than we were a year ago. the housing market has healed. companies, especially the big companies, are doing great. they have lots of cash, and consumer household balances are improving. so undoubtedly, the economy is healing slowly. but it's not healing at a critical mass. so unless government sorts out the headwinds, unless government corrects market failures and public goods issues, we're not going to have enough critical mass to get into higher growth, lower unemployment, and better income equality. that's the issue. >> that's the issue now. but mohamed, just going back and trying to figure out why the market hasn't reacted more strongly do this you think it's more of a bet on the fed than on the idea that we do see some
the bill through without pulling the fiscal cliff, our economy will improve the tax revenues from that will be more than he would get from the rich now. host: appreciate the call. let's go to oklahoma, a line for republicans. caller: i am so disgusted with both political parties. it seems they are putting their party before their country. and i want these politicians to know they are the ones that have been up there for years and spent all this money and now the average person will be the one who will have to pay, and i believe they are being bought off by the 2%. right is right, wrong is wrong, and to take away from the needy and cut food stamps from people who qualify -- it takes an act of congress to qualify. i cannot understand that these people are protecting the 2% of the country. host: jefferson city, missouri, you are on. go ahead. caller: yeah, i think boehner should be removed from the speaker of the house, and president obama should be in and his entire staff, including hillary clinton. i do not know if you have noticed but nancy pelosi, her eyes are consistently dilate
should have acted months ago to keep the u.s. economy going off the fiscal cliff. >> i find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz. i hope we can get something done on the last day. we put two people together basically to resolve this. >> the two people were senate republican lea leader mitch mcconnell and joe biden who worked the phones after talks between mcconnell and harry reid stalled. >> discussions continue today on plan to affect the middle class families from the tax increase tomorrow. there are a number of issues in which the two sides are still apart. negotiations are continuing as i speak. >> the agreement would set the threshold for extending the bush tax cuts at $400,000 for individuals and $450,000 for families. i would set the tax rate for upper income people at 39.6%. the rate under president clinton. the states would be taxed at 40% above $5 million for individuals and $10 million for a married couple. unemployment benefits would be extented a year, as with the medicare doc fix. it would permanently fix th
bargain. so i don't really buy the aurm that if you smooth out the fiscal cliff, then you go on and do other things. >> with the speed bump, if you're going too slow, which the economy is, if it's a big one, you go up and you might want make it over. and then if you're going too fast, you go up in the air, take out your transmission. >> what happens if you have a low car? >> it's bad. you hurt your undercarriage. but spain and the undercarriage is not something any of us need. but i think that howard dean, we didn't have time to go back and get howard and stuff. but howard said the best deal the democrats are going to get is to go over the fiscal cliff. taxes go up, then you go the republicans in position where they're getting the lower taxes. then patti murray. >> i just hope that people are paying attention that what we are seeing is basically the best world for politicians, they put off the and then everybody is going to pretend, oh, it's something happened. and nobody in the meantime is representing the interest of the american people. you know, we've got both parties in a position
: what about the fiscal cliff and what that could do to the economy, the consumer and the consumer that would buy hp products, how concerned are you? >> well, that's certainly a short-term negative. and i can't -- i can't forecast what washington is going to do, but i think over the long-term, they've got the stuff to build around that you will see the stock do pretty well. ashley: all right. that's your prediction. we will see how it goes. in 2013 for hewlett-packard, thank you, george putnam, new generation research founder. really appreciate it. thank you. >> you're very welcome. thank you. ashley: all right. closing bell rings in just under 7 minutes. restaurants could face a tough year ahead. but oppenheimer says one restaurant can beat the odds. find out which one is the bright spot for 2013. that's coming up next. ♪ ♪ [ male announcer ] this is karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money.
the uncertainty the fiscal cliff has wrought in the economy. here's an interesting comment from senator tim johnson, your colleague, a democrat. sometimes all the market takes is to make them see the light. that is via politico. if you don't get a deal and the markets are closed tomorrow, and you open to a couple of really big down days, is that all it takes to strike a deal? >> i hope not. hopefully congress has learned what failure to strike a deal can mean to the american economy. >> is that thought still fresh? >> it's fresh in our mind. i remember the deal we had to pass on t.a.r.p. to help our financial markets. i don't want to revisit that again. >> we've heard all kinds of stuff this morning. as you noi, senator, you probably hear this from your constituents, they're so disinterested in the process, they're so disinterested in the sausage being made. what they want to know if that there are like minded, good, smart people in that congress we're looking at right now who all have phones and blackberrys and actually work in the same building. is there enough good will to ensure that a
.s. stock market. despite all those worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users pummeled the stock, which has yet to climb its way back to its ipo price. >> number seven, mother meyer. the new ceo of yahoo! who announced she was just going to take a two-week maternity leave as she tried to turn this company around. 37 years old, it looks like a mother's touch is what yahoo! needed. >> mother nature. an intense drought in the midwest that scorched the corn and soy crop, sending prices sky high. >> who can forget super storm sandy? neighborhoods along the northeast swept away, millions without power and damages as high as 50 billion dollars raising lots of question
seen on tv. as we head to a break, the u.s. economy held hostage. the fiscal cliff stakes in the words of a corporate competitive. >>> my name is richard phillips. i'm the ceo of pilot freight services. we move the nation's most critical freight all over the world and employee 2,500 people. if the nation fails us and we go over the fiscal cliff, we will feel the impact immediately. capital goods will slow down and we will feel it everyday. we will buckle down and move to strategic advantage. we electude lead, not to follow the hard left and not to follow the hard right. govern from the middle and lead. little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. you can stay in and like something... or you can get out there and actually like something
million of them as of friday, that could hurt the economy. that's what this whole fiscal cliff debate is all about, right? it's about taking money out of the economy. it's about slowing job growth. it's about the potential for a recession in the beginning part of this year, and 9.1% unemployment by the end of the year because of all the money taken out. so what they're doing here is critical stuff. you heard about how this whole process taking a hatchet in the efforts of budget control, when you should use a scalp peel but congress has shown any willingness. >> christine, thank you very much. we'll get your perspective on the other side of the president's address. it's about 15 minutes away or so. he will speak at the white house addressing the american people essentially about the updates on the talks with republicans. it has been the vice president, vice president biden, and the republican senate minority leader mitch mcconnell who have been in negotiations and discussions. we'll see just how far they have gotten and whether or not there is something real that has been put on the ta
. state department says it is willing to talk more about keeping the children safe. >>> fiscal cliff isn't the only threat to the u.s. economy. get a load of this. the container cliff. nearly 15,000 dockworkers from maryland to texas are threatening to strike, starting sunday, which could shut down more than a dozen key shipping ports and cripple commerce across the country. dock on workers are demanding higher container royalties to boost their pay. >>> did the newtown school shooter have an evil gene? scientists at the university of connecticut will study adam lanza's dna to see if a mutation or ab normality could have made him more violent? this is the first study of its kind on a mass killer. >>> jockeying started for john kerry's senate seat, even before it's vacant. massachusetts congressman ed markey throwing his hat into the ring in kerry becomes secretary of state, which is expected, a special election will be held early this summer. markey is the first prominent candidate to declare for the race. >>> love this story. paying it forward by paying it backward. a story of rampant g
: well, we're still trying that last ditch effort to keep the economy from going over the fiscal cliff. lawmakers are heading back to washington including the president with this year-end deadline that's been on the horizon. welcome, everybody, great to have you here. brand new hour of "happening now." kelly: i'm kelly wright in for jon scott -- jamie: and i'm jamie colby in for jenna today. kelly: talks hitting a dead end last week, now most americans are facing big tax hikes unless the two sides can work out a last minute deal. chief white house correspondent ed henry with more. >> reporter: you're right, really all eyes turning to plan c. plan a was that $4 trillion debt deal, plan b was speaker boehner's idea about tax increases only for million dollar incomes and more, now turning to plan c which is president obama's idea which is to move it back to $250,000 or more, that would be the threshold for tax cuts or tax increases in the other direction, also dealing with two million people who are losing their unemployment benefits, president wants to the take care of that by the end of
up is only one part of this so-called fiscal cliff. what we also have facing us starting tomorrow or automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department but that also have an impact on things like head start. there are some programs that are scheduled to be cut. we are using an ax instead of a scalpel. it may not always be the smartest cuts. that is a piece of business that still has to be taken care of. i want to make clear that any agreement we have to deal with these automatic spending cuts, those also have to be balanced. my principle has always been to do things in a balanced, responsible way and that means revenues as to be part of the equation in turning off the sequestered. as well as spending cuts. my principle has alwaysthe samee deficit agreement. we will have to do more to reduce our debt and deficit. i am willing to do more but it will have to be balanced. we will have to do it in a responsible way. i am willing to r
the fiscal cliff, the fiasco as well as the debt ceiling debacle. richard, how is this playing out? we understand richard is not here. we're going to talk to richard a little later about this. >>> eurovision, a singing competition, a lot like "american idol." it's popular, trendy, everybody's watching it. it launched the careers of abba and celine dion. now the radio show which is paid for by the countries that participate in it, it's now in trouble. the economy is to blame. here's our reporter. ♪ >> reporter: cheesy music. kitsch costumes. ♪ and national stereotypes. ♪ for 58 years, the eurovision song contest has united europeans in a celebration of music and at times laughter. ♪ but as countries struggle to meet budget targets, frills are starting to take a back seat. portugal, poland, slovakia and boz that herzegovina say they're pulling out of the competition because they can't afford to win. the czech republic and greece are also reported to want out. >> it costs to perform, and it costs to stage it. and what do you get back? bluntly a bunch of hoopla and a few pom-poms.
of our models. the economy should be expanding to% or 3% next year without the fiscal cliff, that would correlate with about 2 million net new jobs next year. a it's a continuation of steady expansion. i wish it was a little faster expansion, but nonetheless it is an expansion. if we had a fiscal cliff, and we are reversing all the gains we have seen. host: what about mortgage deduction on a second home or vacation home or a certain limit to the size of a mortgage? would you be supportive of that? guest: we have to recognize that negotiating away from what has been a striking departure from just protecting the mortgage interest deduction, property ownership. any breach to that invites further breaches. our members, even though they recognize the deck is a need to be resolved, any breach will lead to further coming back, lowering the income limit. we have to recognize many of the second homes are in places like michigan, wisconsin, arkansas, where people are looking for a weekend fishing lodge. it's not the hamptons or very expensive homes in beverly hills. many homes are scattered in th
of all. >> join "mad money"'s training camp weeknights. >> four days left to avoid the fiscal cliff. who will compromise and will a deal get done to rescue the american economy? stay with cnbc for full-time reports to see who will rise above. who will compromise and will a ♪ >> all night i've been talking to you about the new diversification, a way to diversify by strategy, not just sectors so you can thrive in any market. look, we still believe in the old kind of diversification by group, but we've also got a new prism going here. remember, you need a high-yieldner your portfolio, a big dividend-paying stock for downside protection and the massive multi-year gains that come from reinvesting the dividends, and you must reinvest. second, you need a way to profit a whole lot when the market is in good shape. sometimes it is, and still potentially keep delivering gains if things get worse which is why you must have exposure to growth, preferably a high quality secular growth stock where the earnings estimate is a powerful momentum and then a speculative stock, something that trades for le
to avoid the whole fiscal cliff and the president has never called for the senate to act on those bills. he simply has allowed the democratic controlled senate to sit on them and lead our economy to the edge of the fiscal cliff. i am pleased senators from both parties are currently working to find a bipartisan solution and finally passed the chamber. if that is the type of leadership american needs, not what they saw from the president this morning. the words of the speaker of the house, john boehner. the senate and house are in today. the senate gavelled in 10 minutes ago. on their agenda today is a couple of nominations, nomination votes at 2:00 p.m. eastern. forn they will gavel iout about an hour to discuss possible solutions to the fiscal cliff. the house will come in at 2:00 p.m. eastern. they have 14 suspension bills on the agenda this afternoon. we expect them to come in at 2:00. vote's expected 6:30 eastern. we will have live coverage on c- span. representative ron paul, former republican candidate, wraps up 24 years in the u.s. house. the baltic and look next at his farewell speec
the fiscal cliff. it will be an interesting few days as congress starts to reconvene. and also as corporate america is taking up this fight as well. ceo howard schulze of starbucks urging workers at 120 washington area stores to start writing on their coffee cups, come together. >> are you serious? >> yes. yes. >> that should help. i think that's going to do it. >> problem solved. >> between that, and the pins. >> i never thought of that. >> can you imagine -- oh, good idea, howard schulze. but he says we deserve better. >> we probably do. >> he's right. >> a lot of them are still on vacation. house members have been told there's nothing scheduled for this week. but you could be called back with 48 hours' notice. so, in a perfect world, things could possibly come together. >> 48 hours' notice and we have five days to go. >> i'm not saying we're not cutting it awfully close, but that's where things stand as of right now. >> new new housing data out tod home prices rose 4.3% in the 12 months ending in october in a 20-city composite, beating analysts' forecasts. it did appear as 12 of the 20 c
saying he is not overly optimistic that a deal will be reached to avoid the so-called fiscal cliff. even if they get something passed here there are other challenges that our economy will face. global powers like china and europe and japan are having major problems of their own. that could affect the way they do business with us. joining us is to talk about, ed, good to see you. biggest problem some of these governments to stimulate their economies, die let's just print a bunch of money. that has catastrophic events with them and even with the united states that may tried traded with them. >> that seems to be just to print money. that is not how it works. when somebody prints money, it's devalues their currency which makes anything they want to export or anything that they are importing more expensive. that is why your food is more expensive because we imported a lot of that. that is why energy is more expensive because we import a lot of that. if every country is doing that, its race to the bottom how quickly they can devalue their currency. >> we trade with so many different nations. w
: as lawmakers struggled with the fiscal cliff, treasury secretary timothy geithner is facing an equally harrowing deadline is the u.s. economy approaches its borrowing limit of $16.4 trillion. he says that he is being forced to use extraordinary measures. just to try try to keep things afloat for another few months. do you ever feel like groundhog day? paul harrington is a managing partner of harrington financial llc. i do feel like bill murray in his movie "groundhog day", the movie. it seems to be happening over and over again, doesn't it? [laughter] reporter: this narrative is tiring and frustrating. we have been talking about this every year. we do have a $16.4 trillion debt ceiling. i want people to realize that there are vibrational effects associated with going over or trying to extend the debt ceiling. one example is the credit rating of the united states. we already saw a downgrade their with our respective credit rating in the united states. if we are going to go through the debt ceiling once again, and i suspect that we will revisit having another downgrade to her credit rati
that the worst is going to hit the u.s. economy. >> most lawmakers are now trying to avoid the fiscal cliff. 14i7ers meanwhile are trying to vied a strike at more than a dozen ports. we're talking about 14,000 longshoremen would walk off their job when the contract expires on december 0th. sunday, i think, isn't it? the biggest issue is on container royalties which are paid to union workers. they get part of it based on the weight of the cargo. a strike could hurt exports, factories, also it would affect retailers who are awaiting shipments of spring merchandise. now it's important. we're going to go to today's national weather forecast. last year, reynolds, you would come on, you would try and make it interesting. but it wasn't. this year, it's every day we need to, you know, dvr you because there's a lot going on. >> oh, that's certainly the case. it's been really like an assembly line. one storm system after another rolling across the continent that has been affecting millions of americans. what we're seeing is that last storm that we call euclid now leaving the u.s. and bringing residual snow
is the austerity that could have been or might be created by the fiscal cliff. taking money out of the pockets of the taxpayers. and making serious budget cuts at the simultaneous. the result is a serious austerity and buy every economist and author of the economy back into a recession. it's a matter of timing. how do we time the cuts over what amount of time, and then water they going to be? we need to keep in mind that every business, at least that's what i learned at harvard and beyond, you have to make investments. you have to make the proper investment continually. if you do that at think will be in good shape. liz: i get that. just a few seconds left. you can always get what you want. if you had to give up one thing, would you go to 450,000? people have that income. would you say okay? >> if that is part of the deal the answer is, yes, i would. pick a number. keep in mind the need to have the necessary revenues. you get pretty close to the edge where you won't have the revenues necessary, but all the other tax issues, some of which it talked about in the previous segments. liz: democrat
it to us. live from honolulu. washington is not the only one thinking about the fiscal cliff. it turns out that the concerns about it or affecting how much people are spending this holiday season. analysts saying overall sales are down from last year. it's not just the economy though. they say people just don't feel like spending as much. many still feeling the wake of super storm sandy. also those recent shootings in colorado and connecticut. because of the low sales predictions. retailers are banking on last-minute shoppers to boost their bottom lines but experts say they could be disappointed. fox business network's adam shapiro has that news. adam? >> so the holiday shopping season, when you crunch the numbers, may not prove to be as merry as some people had hoped for. first the good news, national retail federation saying they are still on track for growth of 4.1% over the last we have 586 billion-dollar holiday shopping season. according to the nrf. we won't get the final numbers until after the holidays have played out. already though, shopper track is indicating it's not going to b
. if we can get that done, that takes a big bite out of the fiscal cliff. it avoids the worst outcomes and we're then going to have some tough negotiation necessary terms of how we continue to reduce the deficit, grow the economy, create -- >> but this fight comes back. now, i want to ask you specifically about entitlements, medicare and social security. are you prepared in the first year of your second term to significantly reform those two programs, to go beyond the cuts you've suggested to benefits in medicare, that your own dead commission suggested you would have to do if you were going to shore up medicare at least? are you prepared to do that in your first year of a second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation and for future generations. >> you have to talk tough to seniors. >> i already have. one of the proposals we made is something called change cpi which basically makes an adjustment in terms of how inflation is calculated on social security, highly unpopular among
: in the new year, i think they come to some resolution of the fiscal cliff. we are looking forward to another year like we had. 2% growth are a little less. the prospects this quarter were impaired by the cliff, and we expect that to go forward into the next quarter. host: the president coming into town tonight, and the congress tomorrow. realistically, what do you think will happen? guest: i do not think a lot will happen and i think we will go over the cliff. i am an economist, not a politician. i do not believe that the republicans will give the president merely a tax increase on people over $250,000. there are not able to push that through the house with some spending cuts. that does not seem to make much sense. host: peter will be here for 40 minutes taking your calls and tweets about the u.s. economy. we continue to take a look at economic matters. our guest recently wrote about the debt limit. the headline in "the boston globe" -- do you agree with that sentiment? guest: i would hope it would not threaten the economy again. it is all bound up in this issue of curbing government spendi
. but what about the economy? bank rate says one in three consumers tell it the fiscal cliff is making them hold back on spending and budgets are on everyone's mind. >> definitely shopping on a budget because i just wrote a book and i had to spend a lot of money to get the book printed so i have to be very careful. >> we're always on a budget but we always exceed it. >> my budget this year is lower than last year but it's going okay. i am still able to get people little gifts here and there. >> we're spending a lot of money this year. we're buying everybody gifts this year. just because, i guess, it's almost the end of the world. >> well, it's not the end of the world. she still has to pay her credit card bills. costco and nordstrom, he said this weekend it looks like it was a little tepid and it is very tough to gauge how online sales have been. >> everybody is up extremely strongly online but at the same time i think a lot of the retailers gave such good discounts and for so long so early that i think they pulled some selling out of the back end of the season. nounchts, yesterday was the
the fiscal cliff. who will compromise and will a deal get done to save the u.s.'s economy? stay tuned to see who will rise above? >>> the dow is currently down 75 although we know president is going to land in an hour or so. who knows what the situation will look like by the time "fast money" comes around. >> we do know we will have the chairman of lion's gate. up 88% and give us a preview of the pipeline for 2013 and see if the stock can keep going. with the markets closed we will have a technical analyst on the market. looks like he is seeing a worse year for 2013. >> and then talk to italian conference members. >> absolutely. >> see you tonight. meantime, if you're just joining us, here's what you missed earlier on. >> welcome to hour three of "squawk on the street." here's what's happening so far. >> we're going to raise taxes and we're going to cut spending. both of those things will have something of a debilitating effect of the growth of gdp this coming year. >> we hear a lot of press release politics coming from elected officials, who wants to go over the cliff and who doesn't. it's
the estimates about the impact of unemployment insurance if it is not extended in the fiscal cliff talks? guest: it is negative. if they do not get -- they spend less, and that is bad for the economy. we know what the congressional budget office said. the $30 billion cost of extending these programs would generate $33 billion. that is because this money trickles through the system. that money is spent on food, housing, heating, all of those basic necessities and give us a multiplier effect. host: this is from the national unemployment law program. nearly 1 million workers will run out of state unemployment benefits without access by the end of the first quarter of 2013. take us through those numbers a little bit, and specifically that 1 million more workers, how they would be impacted. guest: there are two fundamental programs. the important thing about them, this is really what counts in this, is that they provide those additional benefits at that six- month mark. if workers don't get those additional benefits, and they will be forced into other kinds of government programs, like welfare. that
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